Abraaj Capital and Endeavor form strategic alliance to foster entrepreneurship in MENASA
- United Arab Emirates: Tuesday, November 09 - 2010 at 10:43
- PRESS RELEASE
Abraaj Capital and Endeavor announced today a strategic alliance to combine the expertise of the region's largest private equity firm with Endeavor, a non-profit organisation that transforms emerging markets by establishing high-impact entrepreneurship as the leading force for economic development.
Proof of the value that Endeavor's high-impact entrepreneurship growth can bring can be found across the globe. In Latin America, businesses assisted by Endeavor have created over 100,000 jobs and generated over $3bn in annual revenues. With the United Nations Development Program estimating that Arab countries alone will need to create more than 50 million new jobs by 2020, the fostering of entrepreneurship is critical in meeting this need.
Abraaj Capital is already a champion of entrepreneurship in the MENASA region, hosting the landmark Celebration of Entrepreneurship, which will bring together the many elements of the entrepreneurial ecosystem. At the event, Abraaj Capital will also announce further details of its Riyada Enterprise Development investment platform, a $500m fund that will invest in SMEs throughout the region, providing much needed capital and support to a broad range of businesses.
Arif Naqvi, Founder and Group CEO, Abraaj Capital said, "The growth of entrepreneurship is a commitment shared by both Abraaj Capital and Endeavor. Through their focus on high-impact entrepreneurship they have demonstrated how fostering SMEs can contribute positively to job and wealth creation. The partnership is a natural union of two like-minded institutions."
Linda Rottenberg, Co-founder and CEO of Endeavor, said, "I am incredibly passionate about the prospects for growing high-impact entrepreneurship in this region, which has an amazing amount of talent and energy. Endeavor will dramatically increase its presence in countries across the MENASA region over the next five years to ensure we are doing our part."
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